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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Realty drags markets 
(Wed, 28 Apr 01:30 pm) 
 
In the last two hours of trade, the markets continued to trade in the red with nearly all heavy weight stocks losing ground. The biggest losers are stocks in the realty, metal and oil & gas space while stocks in the defensive space that is FMCG and health care continuing to see buying interest.

BSE-Sensex is trading lower by 149 points while NSE-Nifty is trading 49 points below the dotted line. BSE-Midcap Index is down by 0.9% while the BSE-Smallcap index is trading 0.8% below yesterday’s closing. The rupee is trading at 44.65 to the US dollar.

TajGVK released its 4QFY10 results. The company’s sales grew by 11% YoY. This performance is a reflection of better times for the hospitality sector with the Chennai property contributing to sales on the back of higher ARR and occupancy rates on a YoY basis. Nonetheless, the growth was capped as the company’s Hyderabad properties suffered as a result of the Telangana issue. However, net profit for TAJGVK grew by 54% YoY, i.e. faster than sales growth. This is a result of saving on staff costs as the company kept a tight control on expenses and better overall ARR and occupancy rates for the company. The company derives a majority of its revenues from Hyderabad. While there have been new rooms additions in the city over the last year, new supply is not going to enter the market for the next 3 years due to the Telangana issue as investors are cautious. We believe that this will be beneficial for the company.

Wind energy equipment manufacturer Suzlon Energy announced today that it has entered into a joint venture agreement with Volkswind Bulgaria GmbH, which is a subsidiary of Volkswind GmbH. The latter is a German based company and is one of the leading independent power producers (IPPs) in Europe. Suzlon Energy has entered into this agreement through its European division, Suzlon Wind Energy A/S. As per the announcement, this joint venture is aimed at helping Suzlon penetrate the Bulgarian wind energy market. It is believed that the joint venture will develop projects exclusively using Suzlon wind turbines. As such, Suzlon’s JV partner will provide local knowledge and development experience. This is a positive development for Suzlon considering that it will help the company tap new markets in Europe. It is believed that installed wind energy capacity in Bulgaria is expected to touch 500 MW during the current calendar year. Moreover, the country has supposedly set out a target to have wind energy capacity of 3,000 MW by 2020.

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